Leap Year

The statistic that is leaping so far in 2024 is inventory.

Northern Colorado is seeing a big uptick in number of homes for sale.

However, it is not an alarming amount and is still a ‘Seller’s Market’ by definition.

Larimer County inventory is up 39% and Weld County is up 48%.

Months of inventory is up to 2.3 in Larimer County from 1.7 months a year ago.

Weld County is also at 2.3 months today and was only 1.2 months a year ago.

With higher inventory comes more selection for buyers and more importance for sellers to price right.

The post Leap Year appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Leap Year

The statistic that is leaping so far in 2024 is inventory.

Northern Colorado is seeing a big uptick in number of homes for sale.

However, it is not an alarming amount and is still a ‘Seller’s Market’ by definition.

Larimer County inventory is up 39% and Weld County is up 48%.

Months of inventory is up to 2.3 in Larimer County from 1.7 months a year ago.

Weld County is also at 2.3 months today and was only 1.2 months a year ago.

With higher inventory comes more selection for buyers and more importance for sellers to price right.

The post Leap Year appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Townhome Surge

Townhome construction has surged in the last 12 months.  This is welcome news for first-time buyers who benefit from the lower prices that multi-family product tends to provide.

According to the National Association of Home Builders, townhome construction has jumped up 28% compared to the previous year.

Townhomes now represent 13% of all new residential construction starts.

 

 

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Rent Record

Records continue to be broken in real estate, including the rental market.

Rents just rose another $2 per month to $1,594, a new record.

The annual rent growth of 13.5% nationally in 2021 was more than double any previous year, and apartment absorption counted nearly 600,000 units, which is roughly 50 percent more than the previous annual high, set in 2015.

The single-family rental market continues to outperform the multifamily sector.

Throughout 2021, the average U.S. asking rent gained $190 and 2022 is forecasted to increase by another 5%.

Source: Multi-Housing News

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Inventory Uptick

We are noticing a trend that is very good news for buyers.

Inventory has been increasing over the last month which means that buyers now have more properties to consider.

Just in the last week, the number of homes for sale has increased:

13% in Larimer County

12% in Weld County

11% in Metro Denver

If you are a buyer who has been waiting for home properties to look at, now is the time!

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5.5 Million Short

New home construction is behind by 5.5 million homes over the last 14 years.

Since 2007, new home starts have lagged significantly behind the long-term average.

The Census Bureau started tracking National new home starts in 1958.

Between 1958 and 2007, an average of 1,102,938 new homes were started each year.

Between 2007 and 2020 the average fell to 708,186 which represents a shortfall of 394,752 per year.

That adds up to a total shortfall of 5,526,525.

The under-supply of new homes is of course a significant reason why the market is under-supplied overall.

credit Inman News as the source of this story

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Drastically Different

Recently it seems there are many attempted comparisons being made between today’s real estate market and the 2006-2007 market.

It seems that people fear a repeat of what happened to the market in 2008 and 2009.

Buyers, understandably, want to make smart decisions and don’t want to buy in advance of any downturn.

The reality is this.  There are some similarities between now and the pre-bubble market of 15 years ago.  Namely, prices are appreciating quickly.

However, there is one massive difference.

The inventory of homes for sale right now is drastically different than 15 years ago.

The rules of economics tell us that, in order for prices to crash, demand needs to diminish, supply needs to swell, or some combination of the two.

Here’s the deal.  Supply today is a fraction of what is was 15 years ago.

Homes for sale today:

  • Larimer County = 238
  • Weld County = 226
  • Metro Denver = 2,594

Homes for sale 15 years ago:

  • Larimer County = 2,998
  • Weld County = 1,113
  • Metro Denver = 29,045

The reason why prices flattened and decreased slightly along the Front Range in 2009 is because the National economy had a meltdown and there was a glut of supply.

We do not have anything similar to those same dynamics today.

We are watching the market closely every single day.  While we don’t expect the current pace of appreciation to keep up, we believe inventory levels keep us insulated from any kind of crash.

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107 Straight

According to research from the National Association of Realtors, home prices have appreciated for 107 straight months.

 

The median price in the U.S. is now $309,000.

 

The U.S. region with the highest median price is the West at $461,800. The lowest is in the South at $263,300.

 

All regions showed double-digit price appreciation from one year ago.

 

While prices are going up all across the U.S., inventory is going down. The number of properties for sale has declined for 20 straight months.

 

Low inventory and high demand are causing properties to sell quickly. It now takes an average of 21 days for a property to go under contract compared to 43 days one year ago.

 

So, the dynamics we notice locally are also occurring nationally.

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Simple Bathroom Upgrades

The thought of upgrading a bathroom often brings to mind large-scale renovations, demolition, and hefty price tags. Even projects like replacing a backsplash or repairing tile can be more involved than you might think. However, it’s possible to give your bathroom a makeover without breaking the bank (or your back). Whether you’re looking to just freshen it up or make it feel like your own personal spa, these simple projects can help take your bathroom to the next level.

Upgrade your Décor

If you want to make a big splash without spending big money, consider upgrading your bathroom with new décor. A fresh coat of paint on the walls or a bold, patterned wallpaper can completely change the character of the space, while accent pieces like a new shower curtain and towel racks can reinforce your color choices. Installing shelving is a simple, functional tactic that gives dimension to your walls. Whether it’s in the shower, above your toilet, or beside your vanity, a shelf can save surface space while helping to tie the room together.

Upgrade your Tub

Upgrading your tub doesn’t have to mean buying a replacement. Simply refinishing your tub will have it looking brand new and helps you save money. Over time, tubs accumulate cracks, dings, and discoloration due to mold, but refinishing can cure these imperfections right away. Start by removing all hardware from the tub. Sand the whole surface, fill in any cracks or holes with putty or epoxy, then sand them smooth. Apply multiple layers of primer and topcoat, give it a buff, and enjoy your brand-new bathtub.

If refinishing your tub is too much to handle, consider simply touching it up. Fill in any cracks and apply a fresh line of caulking around the surface. After this is done, shop around for new tub hardware to polish off your cost-effective bathtub makeover.

Upgrade Your Vanity

With just a few tweaks, you can turn your vanity area from a mirror with counter space to an impactful centerpiece. Instead of going all out with a new cabinet install, simply replacing your cabinet hardware and drawer pulls can make a big difference. Think of ways your new hardware can reinforce the style of your bathroom. Match them with your shower rod, faucet, and showerhead to make your bathroom more eye-catching.

Your vanity also offers a great opportunity to add some color to your bathroom. Giving it a fresh coat of paint will help to liven up the space at a low cost. For wooden vanities, a re-stain is a great way to give them new life. Start by removing the doors and drawers. Apply wood stripping to all surfaces, then let them sit for the recommended time. Now you can begin to scrape away the old finish. Sand down all surfaces and apply the primer before staining the wood. Once your stain settles in, apply a second coat and your vanity will be good as new.

Finishing Touches

Well-organized surfaces and compartments will help to create serenity in your bathroom. Whether it’s in the shower, the medicine cabinet, or below the vanity, look for multipurpose organizers that help cut down on bathroom clutter and save space. Add in natural elements like bamboo and river rocks to make your bathroom feel like a soothing sanctuary.

 

For more ideas on affordable home makeovers, check out our tips for upgrading your bedroomhome office, and kitchen.

The post Simple Bathroom Upgrades appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Simple Bathroom Upgrades

The thought of upgrading a bathroom often brings to mind large-scale renovations, demolition, and hefty price tags. Even projects like replacing a backsplash or repairing tile can be more involved than you might think. However, it’s possible to give your bathroom a makeover without breaking the bank (or your back). Whether you’re looking to just freshen it up or make it feel like your own personal spa, these simple projects can help take your bathroom to the next level.

Upgrade your Décor

If you want to make a big splash without spending big money, consider upgrading your bathroom with new décor. A fresh coat of paint on the walls or a bold, patterned wallpaper can completely change the character of the space, while accent pieces like a new shower curtain and towel racks can reinforce your color choices. Installing shelving is a simple, functional tactic that gives dimension to your walls. Whether it’s in the shower, above your toilet, or beside your vanity, a shelf can save surface space while helping to tie the room together.

Upgrade your Tub

Upgrading your tub doesn’t have to mean buying a replacement. Simply refinishing your tub will have it looking brand new and helps you save money. Over time, tubs accumulate cracks, dings, and discoloration due to mold, but refinishing can cure these imperfections right away. Start by removing all hardware from the tub. Sand the whole surface, fill in any cracks or holes with putty or epoxy, then sand them smooth. Apply multiple layers of primer and topcoat, give it a buff, and enjoy your brand-new bathtub.

If refinishing your tub is too much to handle, consider simply touching it up. Fill in any cracks and apply a fresh line of caulking around the surface. After this is done, shop around for new tub hardware to polish off your cost-effective bathtub makeover.

Upgrade Your Vanity

With just a few tweaks, you can turn your vanity area from a mirror with counter space to an impactful centerpiece. Instead of going all out with a new cabinet install, simply replacing your cabinet hardware and drawer pulls can make a big difference. Think of ways your new hardware can reinforce the style of your bathroom. Match them with your shower rod, faucet, and showerhead to make your bathroom more eye-catching.

Your vanity also offers a great opportunity to add some color to your bathroom. Giving it a fresh coat of paint will help to liven up the space at a low cost. For wooden vanities, a re-stain is a great way to give them new life. Start by removing the doors and drawers. Apply wood stripping to all surfaces, then let them sit for the recommended time. Now you can begin to scrape away the old finish. Sand down all surfaces and apply the primer before staining the wood. Once your stain settles in, apply a second coat and your vanity will be good as new.

Finishing Touches

Well-organized surfaces and compartments will help to create serenity in your bathroom. Whether it’s in the shower, the medicine cabinet, or below the vanity, look for multipurpose organizers that help cut down on bathroom clutter and save space. Add in natural elements like bamboo and river rocks to make your bathroom feel like a soothing sanctuary.

 

For more ideas on affordable home makeovers, check out our tips for upgrading your bedroomhome office, and kitchen.

The post Simple Bathroom Upgrades appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.